It is increasingly common to find plant-based foods for keto and gluten-free diets in the supermarket. Multinationals and food tech companies have opted to promote this market, which brings with it an opportunity to strengthen the category in the face of the rise in some grains, and Bimbo wants a piece of this business.
The largest Mexican bakery in the world has already joined this trend, and has made room in its portfolio for a line of products that are made without a single grain of wheat, an input that has now reached the ceiling of its maximum price, as one of the the consequences of the war between Russia and Ukraine.
On March 2, Chicago Stock Exchange wheat futures rose to a 14-year high. As fears grow that supplies of raw materials will be affected by the conflict, Bimbo accelerates the production of breads made with chia or flaxseed.
Julián Fernández, head of analysis at Bursamérica, comments that these rises in raw materials have become more important, and although it is expected that at some point the prices of wheat or corn will hit a ceiling, the rises will not reverse, that opens the opportunity to operate with alternative grains, which are much cheaper.
“Bimbo is one of the main players in this type of product and it would be a possibility that at this time the company, financially speaking, opts for the production of this type of product, which also has a lower load of carbohydrates and sugars, and that they respond to the guidelines that have been promoted with the labeling”, he declares.
Bimbo has already paved the way in this category of gluten-free products, a protein found in wheat and that has ceased to be part of the diet of people with allergies to make its way among consumers who are looking for a diet based on organic products. and free of artificial preservatives.
In July of last year, the Bimbo Bear bakery acquired Emmys Organics, a manufacturer of gluten-free cookies that operates in the US market, through its subsidiary Bimbo Bakeries USA.
A growing market
These types of products began to appear on the shelves in 2011 to serve the 1% of the population allergic to this wheat protein and those who suffer from sensitivity. But, little by little, the category began to become popular among young people between 25 and 40 years old, whose main purchase motivator is to have a healthy intake, which allowed an exponential rise in sales of this type of product in 2014.
In 2019, the size of the global market for gluten-free products was valued at 4.3 billion dollars, and the consulting firm Allied Market Research estimates that it will reach 7.5 billion dollars in 2027, with a compound annual growth rate (CAGR) of 7.2%. between 2020 and 2027.
The gluten-free product category saw increased demand amid the coronavirus pandemic, which prompted a portion of consumers to seek out foods they considered healthy. In 2020, in Mexico, the pandemic attracted 8% of new consumers to this category during the first months, which allowed a 1% recovery in the value of sales, according to Nielsen data.
Matías Muchnick, co-founder of the Chilean food tech NotCo, commented that the conflict opens an opportunity for companies to make way for other seeds, beyond wheat. “The great difficulty will always be finding the functional replacement for wheat, but it will be time for companies that use a lot of wheat for their products and will need research and development to change their formulation,” he adds.
One of the barriers that the consultants identify for the detonation of the market is the final price of the products, which rises between 50% and 150% compared to normal merchandise, due to certifications and production, which must avoid contamination with other ingredients that might contain protein.
“In the future we are going to see greater growth in this type of product, which is healthier and made from other ingredients that have not risen as much in price. Now a keto brownie is going to cost the same as a normal one,” says Marcela Muñoz, deputy director of analysis at Vector.
